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The Irish Sun
3 days ago
- Business
- The Irish Sun
Soaring shopping bills hitting Irish as supermarkets profit – new laws will give watchdog power to tackle price gougers
INFLATION and the cost-of-living crisis is an ever-increasing strain on many Irish households. Recent CSO stats show that prices here continue to climb. 3 The cost-of-living crisis is an ever-increasing strain on many Irish households Credit: Getty Images - Getty 3 Ged Nash says the government must act on soaring grocery prices Credit: Damien Storan Inflation soared in 2022 to reach 9.2 per cent, mainly due to greater demand for oil and gas after the Energy prices surged again in the aftermath of It then remained well above the Some parts of the READ MORE ON COST OF LIVING Writing in IT'S time to get a grip on grocery prices and the Bill I brought to the The Unfair Prices Bill addresses the ever-spiralling cost of the weekly shop. It seeks to give new enforcement powers to the Most read in The Irish Sun This is something I've been arguing with the government over for two years, and I'm pleased they at last appear to be listening and did not vote against my Bill. That's a start. Cost Crisis Hitting Irish Businesses And Causing Closure Havoc For too many of the big international multiples, their pricing policy remains a mystery as does their Irish profits. We have theories, and some facts. But the truth is, we simply don't know exactly why the prices of basic goods in supermarkets here remain high. PROFIT MARGINS This Bill will put an onus on the consumer watchdog to collect and publish key data on the price of the shop, and in doing so the new draft law will make it a First and foremost, it will force the big businesses we all shop with to be more transparent. It will keep them honest. At a time when The cost of COSTS RISING The price of a pound of butter has risen by close to €1 over the past year to an average of €4.69, a jump of more than 26 per cent, according to Central Statistics Office (CSO) figures. Beef, milk, cheese and lamb prices have all shot up in the last year and the latest figures from consultancy group Kantar shows price inflation in supermarkets is now running at 5 per cent, double what it was last year. All of this, when average wage growth looks set to come in at under 4 per cent this year. In other words, the hard-earned Cumulatively, grocery prices are up as much as 30 per cent over the past three years. 'GREEDFLATION' IS GROWING This means that a typical family is paying about €2,000 more for groceries a year. At the same time, the incomes of farmers and food producers are being squeezed, and the only winners are the supermarkets. The suspicion that 'greedflation' is at work is growing. In Ireland in 2025, we have hard-working parents opting to feed their children over themselves while food producers and multinational supermarkets rake in profits. As I've said many times, you can't eat good GOVERNMENT HELP NEEDED The government must help those who need it most. For the most part, this means investing in making our public services work better, and fairer wages for However, it also means governments making smart, pro-consumer interventions. So many of our state's watchdogs have a bark that's as weak as their bite and that is because they don't have the underpinning legislation to sink their teeth into those acting against the public interest. My Bill will give them the teeth to let them do what they were set up to do — protect the consumer against profiteering of big business. 3 The price of a pound of butter has risen by close to €1 over the past year Credit: Getty Images - Getty
Irish Examiner
28-05-2025
- Business
- Irish Examiner
Consumer watchdog 'should have more powers to probe supermarket pricing'
The Competition and Consumer Protection Commission (CCPC) should be able to compel supermarkets to provide regular reports on grocery pricing and probe suspected price gouging, a Labour TD has said. Labour's Ged Nash is proposing new laws to give additional powers to the CCPC to allow the watchdog to do so. 'Grocery prices have remained historically high and they are climbing with no sign of them plateauing or certainly no sign of them coming down,' the Louth TD said. Mr Nash said his proposals would provide the CCPC with more powers of market surveillance. He added that it would compel supermarkets to provide the CCPC information for 'regular reports on pricing structures of groceries in this country and the performance of supermarkets'. 'Nobody's talking here about price controls or anything like that, that wouldn't work, and would have inadvertent knock on consequences that nobody could control. What we want to see now is the CCPC empowered to take a greater interest in how supermarkets, the large multiples, operate in this country. Mr Nash said this legislation would provide the CCPC with the means to investigate whether there was price gouging in the sector. He also said the elevated inflation rate, caused by the Russian invasion of Ukraine, has fallen recently, but that grocery prices have not fallen. He also said that while there was no direct reference to loyalty schemes, he believed there is an understanding at Government level there must be 'greater transparency' on how they operate. 'I've received complaints from people who say when they go to a supermarket checkout, that the price isn't as advertised if you're not part of the particular supermarket scheme or promotion,' Mr Nash said. 'We need to be very clear on how that regulation in terms of the representation and presentation of prices in our supermarkets.' The Labour TD said he did not have a problem with supermarket promotions or loyalty schemes. However, he added: 'They have to be fair, and often they're not and they can be misleading. That's particularly problematic now for people shopping.' Mr Nash said he was 'constantly suspicious' when one supermarket announces a cut in the price of milk, and then hours later a competitor does the same. 'That's peculiar,' Mr Nash said, adding he was not accusing supermarkets of price setting, but that more competition was needed.
The Journal
27-05-2025
- Business
- The Journal
Consumer watchdog needs powers to 'interrogate' supermarkets over high grocery prices, TD says
IRELAND'S CONSUMER WATCHDOG must be given more powers to investigate potential grocery price gouging, a TD has said. Labour TD Ged Nash said his party wants the Competition and Consumer Protection Commission (CCPC) to have powers to compel supermarkets to provide commercial pricing information to ensure customers are getting the best price. Nash told reporters that he believes the state is under resourcing the CCPC and that prices have remained high despite falling inflation rates and normalising supply chains. Market analysis of the Irish grocery retail sector, conducted by the CCPC in 2023, found that what the concentration of stores has reduced, competition on price, quality and service had improved in recent years. The study, commissioned by then-enterprise minister Simon Coveney , found no evidence of 'excessive pricing' as a result of an abuse of dominance or external factors, such as high inflation. Speaking today, Nash said that the scope of this study was limited by the fact that the CCPC could not compel supermarkets to provide them with a detailed price analysis of their products. Advertisement 'High inflation in the grocery sector is still with us, and it is creating problems for families up and down the country,' the party's finance spokesperson said. 'Some of the reasons why grocery prices [are not] declining well ahead of the general rate of inflation needs closer interrogation,' he added, claiming that inflation as a result of the illegal invasion of Ukraine by Russia is falling, but prices are not. The CCPC noted in its 2023 report that there was no evidence that international price interventions, such as fluctuating interest rates, had benefitted customers in grocery stores. There are significant concerns over transposing of these rates in Ireland. Its report also found that changes in supplier prices did 'not appear to be immediately reflected in retail prices'. The CCPC theorised at the time that the lag in the reduction of prices may relate to outstanding contracts. Nash said the under-resourced CCPC needs additional powers so that supermarkets cooperate with it to provide detailed pricing information. He claimed that the bill is focused on transparency in the sector. Asked by The Journal if sharing of commercially sensitive information may impact competition in the sector, Nash pointed to the Central Bank, which commonly requests that lenders publish their pricing policy. The Louth TD said he does not believe there should be an exception given to the grocery retail sector. He added that the bill makes 'very, very clear' that the information requested from supermarkets would be used only so that the CCPC fulfils its remit. 'Principally, what we're talking about here is ensuring that there's greater transparency in the pricing models and fairness for consumers to ensure that there are no [supermarkets] operating in the sector in Ireland that are abusing, what we might describe as, a dominate position.' Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
06-05-2025
- Business
Uisce Éireann seeking extra money for capital investment
Paul Cunningham reports on Uisce Éireann's confirmation today that one billion Euro given to it in last year's budget forms part of its existing funding plan. Labour's Finance and Public Expenditure Spokesman, Ged Nash, also joins News At One to discuss the matter.
